Six Things You Can Do If You Owe The IRS Money>>
- Pay the IRS all they demand;
- Work out one of several different Installment Agreements;
- Negotiate an Offer-in-Compromise;
- Convince the IRS to declare you Currently Not Collectible;
- Seek protection under Federal Bankruptcy Laws;
- Continue to do nothing and let the IRS have their way with you.
Four Things You Should Know if You Have Unfiled Tax Returns>>
- It is a Crime and you can go to prison for 1 year for every year of unfiled return;
- The IRS can file your tax return for you. It's a penalty, not a service. They may assess an exaggerated tax obligation for you;
- You may lose your refund. If you overpaid your taxes the IRS may keep that money;
- It may be impossible to stop IRS Collections actions against you, including bank levies and wage garnishments.
Nine Things That May Cause an Audit>>
- Make a mistake on your return;
- Round of entries;
- File late, or not at all;
- Be a tax protester;
- Have unreported foreign accounts;
- Don't report some income
- Claim large charitable contributions;
- Take repeated losses on home business;
- Use an unscrupulous tax preparer.
Three Things You Should Know BEFORE You Speak To The IRS>>
- Never voluntarily tell an IRS employee anything, unless they specifically ask for the information;
- Never tell the IRS something you know is not true;
- Never answer a question from an IRS employee unless you understand it completely.